Investor euphoria is back. Stocks hit a record high each day last week, bitcoin is surging, and meme stocks are once again back in vogue. And while Wall Street isn’t sounding the alarm just yet, some are watching the data with growing unease.

The S&P 500 has historically performed better following record highs as compared to its forward returns following any random day.

The S&P 500 closed at an all-time high for the ninth time this month, while the tech-heavy Nasdaq hit its 13th record July close.

US stock market continued its winning streak as the S&P 500 and Nasdaq Composite reached new record highs, driven by strong corporate earnings, booming tech stocks, and growing hopes of a Federal Reserve rate cut.

Investors held onto hopes that the U.S. and Japan’s trade agreement could lead to a tariff breakthrough with other countries, and pushed the S&P 500 and Nasdaq Composite to fresh record highs.

President Trump's tariffs could hit the economy badly and lead to higher inflation. But Wall Street investors are reacting by sending stocks to record highs.

Six months into President Donald Trump’s second term, a quick glance at the stock market offers a reassuring picture: The S&P 500 just closed above 6,300 points for the first time ever and has notched eight record highs in the past month.

U.S. trade deal

Massive moves in stocks such as Kohl’s and Opendoor Technologies are raising questions over whether a new wave of meme stock trading is underway and what that signals about risk appetite more broadly.

The US stock market’s current valuation has surpassed even the peaks seen during the Dot-Com Bubble and the 2008 Financial Crisis, according to the so-called “Warren Buffett Indicator.” The metric compares the total market capitalization of US stocks to the country’s Gross Domestic Product (GDP),